Steve Jobs Steps Down as CEO of Apple …Update: Apple Shares Drop 7%

Steve Jobs on Wednesday resigned as chief executive of Apple Inc. He has been on medical leave.
Reuters reported:

Silicon Valley legend Steve Jobs on Wednesday resigned as chief executive of Apple Inc in a stunning move at the technology giant he co-founded in a garage.

The 55-year-old Apple co-founder and pancreatic cancer survivor has been on medical leave for an undisclosed condition since January 17.

UPDATE: Apple shares dropped 7% following the news.

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